Cobb County Bankruptcy Debt Relief

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BANKRUPTCY OVERVIEW

Many individuals are concerned about their credit after bankruptcy. However, if you are considering filing, your credit score is probably already in serious trouble. After a successful bankruptcy filing, you will show that you are no longer in debt. Soon, companies will start to send you credit offers again. Filing bankruptcy no longer comes with the same stigma it used to. In fact, it is quite likely that many of your neighbors have filed and are now happily going on with their lives. Nevertheless, before making a decision you must understand the requirements necessary for a bankruptcy filing and how the process works. This bankruptcy overview will explain most of the basics.

CHAPTER 7 BANKRUPTCY

Chapter 7 bankruptcy is for individuals who have a certain level of income. They require you to take a “means test” that determines whether you are eligible for Chapter 7. We strongly urge you to contact an attorney from the firm to assist you in completing the means test. If you fail to fill it out correctly, you will be denied the opportunity to file Chapter 7, the form of bankruptcy in which debts are “discharged.” Although, some types of debt cannot be discharged, such as recent taxes or child support. However, most types of debt can be discharged in a Chapter 7 filing, which means you will no longer owe anything. How this works for you is determined on an individual basis. Bankruptcy lawyers from our office can review your situation and advise you of your options.

CHAPTER 7 BANKRUPTCY PROPERTY EXEMPTIONS

Many people mistakenly believe that they will be forced to give up their home if they file for Chapter 7 bankruptcy, perhaps because the process is often known as a liquidation bankruptcy. However, this is usually not the case. As long as you don’t have a large amount of equity, most Georgia residents filing for bankruptcy will be allowed to keep their home and vehicle. Nevertheless, the process can be complicated and confusing. Therefore, we offer help in determining if a Chapter 7 bankruptcy is for you is by helping you to list your assets and determine how much your home is currently worth.

CHAPTER 13 BANKRUPTCY

When not eligible for Chapter 7 bankruptcy, many people choose to file under Chapter 13. Chapter 13 bankruptcy may be a good option for those who have a steady income, whether through employment or as a self-employed business owner. This form of bankruptcy allows the individual to restructure their back debt and pay it off over a period of years, usually between 3 and 5 years. Thus, the individual handles the financial stress in a reasonable fashion and achieves freedom from creditor calls and threatening letters. Moreover, many debts are reduced in this form of bankruptcy filing.

Chapter 13 can also be a great solution for those who are facing home foreclosure with a co-signer on the home. It is a great solution because it provides better legal protection for the individual who assisting you to buy your home. Therefore, contact a Marietta bankruptcy attorney from our team to learn more!

Let an Attorney Help You Decide

If you don’t think Chapter 13 is right for you, your local bankruptcy attorney in Marietta, GA can point out the advantages of filing for Chapter 7 bankruptcy. Also, a qualified bankruptcy lawyer can explain why it is the most popular method for most people. You can start the process for as little as $75 with up to three months to pay the balance, and our flexible payment plans mean that bankruptcy is within the budget of anyone who needs this solution. Your down payment allows us to work on a payment plan and begin to prepare the petition. Although, before the petition can actually be filed all the fees must have been paid, per bankruptcy laws.

WHAT IS THE MEANS TEST?

The legally required means test is your first step if you are thinking of filing for Chapter 7 bankruptcy. Your attorney can explain what this sometimes complicated test is all about and can help you take it. The test basically determines your eligibility to file bankruptcy by gathering information on several aspects of your financial life, including your income, debts, expenses and any assets.

THE AUTOMATIC STAY

You may be filing Chapter 7 bankruptcy as a Marietta, GA resident because you are fed up of all those collection letters and calls. One of the advantages of filing is that they will stop immediately once your case has been filed. This is known as an automatic stay. It means that any lawsuit and foreclosure process will also stop, as well as annoying collection calls and letters. Our goal is to make the process of filing bankruptcy as stress free as possible. Thus, if you do receive any calls or letters from your creditors once you have filed, we will handle the matter for you.

THE 341 MEETING

The meeting of your creditors is often known as the 341 meeting, and it is usually the only meeting you will have to attend during the bankruptcy process. The meeting lasts just a few minutes and does not take place in a courtroom overseen by a judge; rather, it is more informal and is overseen by a trustee and takes place in a conference room. An experienced Marietta bankruptcy attorney will help you prepare for the short meeting, which will address the basics of your petition to file Chapter 7 bankruptcy.

Unsecured debts include such debts as credit card bills and medical bills, as well as back payments owed for repossession are included in Chapter 7, and if you have these debts, Chapter 7 bankruptcy is probably the best option for you. You will still have to make payments on so-called secured debts, such as your mortgage and your car loan, otherwise you could lose your home or car. Everybody’s financial situation is different and an experienced attorney specializing in bankruptcy law can advise you whether Chapter 7 bankruptcy is your best option or whether there may be another solution.

CONSULTING THE BEST MARIETTA, GA BANKRUPTCY ATTORNEY

Have questions regarding the bankruptcy overview? The law offices of Blevins and Hong , P.C. have helped hundreds of people is situations similar to you, and we would like to put our years of experience and knowledge to work for you. Our experienced attorneys can answer any question you have and help you through every step of the process.

To learn about your bankruptcy overview or options, email or call us at (678) 354-2290.

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